EOG, Carlyle Group create $400-million Oklahoma drilling combine
EOG Resources Inc., Houston, and global alternative asset manager Carlyle Group LP have formed a combine for development of EOG’s oil and gas assets in Ellis County, Okla.
As part of the partnership, Carlyle Energy Mezzanine Opportunities Fund II LP will fund as much as $400 million for the development program over 4 years. After certain performance hurdles are achieved in the program, Carlyle’s working interests will largely revert to EOG.
Carlyle Energy Mezzanine Opportunities Group offers growth and refinancing capital to projects and companies in the energy business through Carlyle Energy Mezzanine Opportunities Fund LP and Carlyle Energy Mezzanine Opportunities Fund II LP, which have combined assets of $4 billion.
EOG this month was granted four drilling permits in the Marmaton play of Ellis County. Two were for the Teddy 1-4H and Teddy 1-5H wells, both vertical; and the other two were for the Max 11-3H and Max 11-4H wells, both vertical. The firm’s most recent Marmaton drilling activity came during 2013-14.